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As Zimbabweans awaited presidential election results, the ruling party declared victory Thursday as the opposition dismissed the vote as a "huge farce."

Vote counting was under way in the election that pitted incumbent President Robert Mugabe against Prime Minister Morgan Tsvangirai for the third time.

Mugabe, 89, has been at the helm since 1980, the only president the nation has known since it gained independence from Britain. A win would extend his time in office to 38 years.

Even though the nation's electoral commission has not released any numbers, a ruling party official claimed victory.

"There is no doubt whatsoever that we have seen results everywhere in the country so far that ZANU-PF has won," said Didymus Mutasa, a party secretary.

Tsvangirai's party called the vote "null and void," alleging widespread fraud.

Photos: Zimbabwe votes 12 photos

Photos: Zimbabwe votes12 photos

Zimbabwe votes for president – Zimbabweans line up near a polling station in Harare to vote in a general election on July 31, 2013 as President Robert Mugabe seeks to extend power to a potential 38 years.

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Photos: Zimbabwe votes12 photos

Photos: Zimbabwe votes – Zimbabwe President Robert Mugabe answers journalists questions after voting at a polling station at a school in Harare.

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Photos: Zimbabwe votes12 photos

Zimbabwe votes for president – Mugabe,89, has been at the helm since 1980, the only leader the nation has known since it gained independence. His main rival, Morgan Tsvangirai, is the current prime minister.

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Photos: Zimbabwe votes12 photos

Zimbabwe votes for president – Chizema Najika, an eighty year old voter, arrives to vote at a polling booth in a school in Harare on July 31.

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Photos: Zimbabwe votes12 photos

Zimbabwe votes for president – A policeman stands as Zimbabweans line up near a polling station in Harare. Zimbabwe was readying for an inadequately prepared yet tight election battle that could see President Robert Mugabe extend his 33-year grip on power.

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Photos: Zimbabwe votes12 photos

Zimbabwe votes for president – Some 6.4 million voters in Zimbabwe -- about half of the country's population --are eligible to cast their ballots Wednesday, according to the electoral commission.

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Photos: Zimbabwe votes12 photos

Zimbabwe votes for president – Zimbabweans arrive to vote at a polling booth in a school in Harare on July 31.

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Photos: Zimbabwe votes12 photos

Zimbabwe votes for president – The elections is held under a new constitution endorsed in a referendum in March that limits the president to two five-year terms. Mugabe is allowed to seek another term because it does not apply retroactively.

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Photos: Zimbabwe votes12 photos

Zimbabwe votes for president – The polls will end an uneasy coalition government formed after violence broke out in 2008.

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Photos: Zimbabwe votes12 photos

Photos: Zimbabwe votes – A man places his finger in a bottle of ink to stop fraud before voting at a polling station at a school in Harare.

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Photos: Zimbabwe votes12 photos

Zimbabwe votes for president - Mugabe or Tsvangirai? – Supporters of the Movement for Democratic Change presidential candidate Morgan Tsvangirai hold his portrait as they attend the final campaign rally 'Cross Over' on July 29 in Harare.

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Photos: Zimbabwe votes12 photos

Zimbabwe votes for president - Mugabe or Tsvangirai? – Zimbabwe's President and Zanu PF Presidential candidate Robert Mugabe speaks at a press briefing on July 30, 2013 at the State House, on the eve of Zimbabwe's presidential and parliamentary vote. Veteran President Mugabe vowed to step down if he loses the fiercely-contested election.

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"This has been a huge farce," Tsvangirai, 61, said at a news conference in the capital, Harare. "The credibility has been marred by administrative and legal violations which affect the legitimacy of its outcome."

He said irregularities included voter intimidation, unauthorized voter migration and lack of transparency in printing ballot boxes.

But Mutasa dismissed the fraud allegations.

"That is stupidity. If all the leaders were as stupid as Tsvangirai, the world would be a very sad place to live in," he said.

The election marks an end to an uneasy coalition government between the two leaders formed after violence marred the last poll. At least 200 people were killed and thousands were injured in post-election violence in 2008.

Regional leaders dismissed that election as a sham and pressured Mugabe to form a power-sharing agreement with Tsvangirai, which led to the tense coalition in 2009.

Rights groups have accused the government of intimidating and beating up opposition supporters, and interfering with the polls in the latest election.

But Mugabe has denied the accusations and extended a conciliatory message to his main rival.

"I've got my fair share of criticisms and also dealt back rights and lefts and uppercuts. But that's the game. Although we boxed each other, with Tsvangirai, it's not as hostile as before. It's all over now. We can now shake hands," Mugabe said.

Mugabe to West: Back off

The elections were held under a new constitution endorsed in a March referendum that limits the president to two five-year terms. Mugabe is allowed to seek another term because the rule does not apply retroactively.

Last week, he had a few words for critics of the election, especially the West.

"Keep your pink nose out of our affairs, please," he said in response to criticisms from the United States on his push for elections without key reforms.

Zimbabwe's challenge: Confidence

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About 6.4 million voters in Zimbabwe -- half of the country's population -- were eligible to cast their ballots, according to the electoral commission. Long lines snaked at polling stations, an indication of high voter turnout.

"We are still a young country ... our democracy is still young," said Nigel Mugamu, who lives in Harare. "A lot of African countries have changed leadership at least once or twice. We haven't seen a new face. From that perspective, it's an exciting time. Will this be the moment it will happen?"

Hope after hyperinflation

Mugamu said a peaceful election will boost investment, a major concern for the nation, which has tense relations with its major donors.

This is the first poll since Zimbabwe battled hyperinflation that left investors jittery and led many to abandon the country's currency.

In 2009, the nation introduced a 100 trillion-dollar bill that was worth about $300 in U.S. currency. At the time, a loaf of bread cost about 300 billion Zimbabwean dollars.

The hyperinflation forced traders to insist on international currency to hedge against losses.

Big strides

Despite widespread poverty, the nation has made major strides in its economy since then, experts say.

Since then, the nation's gross domestic product "has grown by an average of over 7% and inflation has remained in the low single digits," the International Monetary Fund said last month. "Government revenues have more than doubled from 16% of GDP in 2009 to an estimated 36% of GDP in 2012, allowing the restoration of basic public services."

And as the nation returns from the brink of a crippled economy, Zimbabweans are hopeful.

"Whoever wins, the country needs to move forward," said Linda Mukusha, a Harare resident.